Buy Or Sell Opportunity • May 07
Now 20% overvalued The stock has been flat over the last 90 days, currently trading at RM1.35. The fair value is estimated to be RM1.12, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 8.5% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Apr 20
Now 21% overvalued The stock has been flat over the last 90 days, currently trading at RM1.35. The fair value is estimated to be RM1.11, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 8.5% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Mar 02
Third quarter 2026 earnings released: RM0.024 loss per share (vs RM0.013 profit in 3Q 2025) Third quarter 2026 results: RM0.024 loss per share (down from RM0.013 profit in 3Q 2025). Revenue: RM55.0m (down 8.5% from 3Q 2025). Net loss: RM4.56m (down 286% from profit in 3Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 29
Second quarter 2026 earnings released: RM0.001 loss per share (vs RM0.054 loss in 2Q 2025) Second quarter 2026 results: RM0.001 loss per share (improved from RM0.054 loss in 2Q 2025). Revenue: RM59.0m (down 14% from 2Q 2025). Net loss: RM162.0k (loss narrowed 99% from 2Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 62 percentage points per year, which is a significant difference in performance. New Risk • Oct 23
New major risk - Revenue and earnings growth Earnings have declined by 24% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 24% per year over the past 5 years. Minor Risk Market cap is less than US$100m (RM255.6m market cap, or US$60.4m). Announcement • Sep 30
Asia File Corporation Bhd. Approves Single Tier Final Dividend for the Financial Year Ended 31 March 2025 Asia File Corporation Bhd. at its General Meeting held on September 30, 2025, approved the payment of a single tier final dividend of 2 sen per ordinary share for the financial year ended 31 March 2025. Upcoming Dividend • Sep 25
Upcoming dividend of RM0.02 per share Eligible shareholders must have bought the stock before 02 October 2025. Payment date: 23 October 2025. The company is not currently making a profit but it is cash flow positive. Trailing yield: 1.5%. Lower than top quartile of Malaysian dividend payers (5.5%). In line with average of industry peers (1.5%). New Risk • Aug 30
New major risk - Revenue and earnings growth Earnings have declined by 16% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 16% per year over the past 5 years. Minor Risk Market cap is less than US$100m (RM246.2m market cap, or US$58.3m). Reported Earnings • Aug 06
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: RM0.23 loss per share (down from RM0.27 profit in FY 2024). Revenue: RM275.1m (down 6.5% from FY 2024). Net loss: RM43.3m (down 183% from profit in FY 2024). Revenue exceeded analyst estimates by 2.6%. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to stay flat during the next 2 years compared to a 12% growth forecast for the Commercial Services industry in Asia. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Declared Dividend • Aug 01
Dividend of RM0.02 announced Shareholders will receive a dividend of RM0.02. Ex-date: 2nd October 2025 Payment date: 23rd October 2025 Dividend yield will be 1.5%, which is lower than the industry average of 2.0%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is well covered by cash flows (21% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Announcement • Jul 30
Asia File Corporation Bhd., Annual General Meeting, Sep 30, 2025 Asia File Corporation Bhd., Annual General Meeting, Sep 30, 2025, at 10:00 Singapore Standard Time. Location: olive tree hotel, level 6, olive 4 & 5, 76, jalan mahsuri, 11950 bayan lepas, penang, Malaysia Reported Earnings • May 30
Full year 2025 earnings released: RM0.23 loss per share (vs RM0.27 profit in FY 2024) Full year 2025 results: RM0.23 loss per share (down from RM0.27 profit in FY 2024). Revenue: RM275.1m (down 6.5% from FY 2024). Net loss: RM43.3m (down 183% from profit in FY 2024). Revenue is forecast to stay flat during the next 2 years compared to a 10% growth forecast for the Commercial Services industry in Asia. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. New Risk • May 29
New major risk - Revenue and earnings growth Earnings have declined by 3.5% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 3.5% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (6.3% net profit margin). Market cap is less than US$100m (RM268.9m market cap, or US$63.4m). Major Estimate Revision • Mar 06
Consensus EPS estimates fall by 40% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from RM292.1m to RM268.1m. EPS estimate also fell from RM0.15 per share to RM0.09 per share. Net income forecast to grow 36% next year vs 91% growth forecast for Commercial Services industry in Malaysia. Consensus price target down from RM1.44 to RM1.25. Share price fell 6.1% to RM1.54 over the past week. Reported Earnings • Mar 01
Third quarter 2025 earnings released: EPS: RM0.013 (vs RM0.071 in 3Q 2024) Third quarter 2025 results: EPS: RM0.013 (down from RM0.071 in 3Q 2024). Revenue: RM60.1m (down 11% from 3Q 2024). Net income: RM2.46m (down 82% from 3Q 2024). Profit margin: 4.1% (down from 20% in 3Q 2024). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to stay flat during the next 3 years compared to a 11% growth forecast for the Commercial Services industry in Asia. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 11% per year. Major Estimate Revision • Dec 05
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from RM318.6m to RM314.2m. EPS estimate also fell from RM0.239 per share to RM0.209 per share. Net income forecast to grow 44% next year vs 23% growth forecast for Commercial Services industry in Malaysia. Consensus price target down from RM2.38 to RM2.07. Share price fell 2.8% to RM1.75 over the past week. Price Target Changed • Nov 30
Price target decreased by 13% to RM2.07 Down from RM2.38, the current price target is an average from 2 analysts. New target price is 17% above last closing price of RM1.77. Stock is down 10% over the past year. The company is forecast to post earnings per share of RM0.21 for next year compared to RM0.27 last year. Reported Earnings • Nov 29
Second quarter 2025 earnings released: RM0.054 loss per share (vs RM0.035 profit in 2Q 2024) Second quarter 2025 results: RM0.054 loss per share (down from RM0.035 profit in 2Q 2024). Revenue: RM68.5m (down 13% from 2Q 2024). Net loss: RM10.6m (down 254% from profit in 2Q 2024). Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Commercial Services industry in Malaysia. Over the last 3 years on average, earnings per share has fallen by 6% per year and the company’s share price has also fallen by 6% per year. Announcement • Sep 27
Asia File Corporation Bhd. Approves Single Tier Final Dividend for the Financial Year Ended 31 March 2024 Asia File Corporation Bhd. at its General Meeting held on September 27, 2024, approved the payment of a single tier final dividend of 3.5 sen per ordinary share for the financial year ended 31 March 2024. Upcoming Dividend • Sep 25
Upcoming dividend of RM0.035 per share Eligible shareholders must have bought the stock before 02 October 2024. Payment date: 24 October 2024. Payout ratio is a comfortable 44% and this is well supported by cash flows. Trailing yield: 5.5%. Within top quartile of Malaysian dividend payers (4.7%). Higher than average of industry peers (1.9%). Reported Earnings • Aug 30
First quarter 2025 earnings released: EPS: RM0.053 (vs RM0.082 in 1Q 2024) First quarter 2025 results: EPS: RM0.053 (down from RM0.082 in 1Q 2024). Revenue: RM77.2m (up 2.0% from 1Q 2024). Net income: RM10.3m (down 36% from 1Q 2024). Profit margin: 13% (down from 21% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 9.6% growth forecast for the Commercial Services industry in Asia. Over the last 3 years on average, earnings per share has fallen by 8% per year and the company’s share price has also fallen by 8% per year. Declared Dividend • Aug 02
Dividend of RM0.035 announced Shareholders will receive a dividend of RM0.035. Ex-date: 2nd October 2024 Payment date: 24th October 2024 Dividend yield will be 4.9%, which is higher than the industry average of 2.0%. Sustainability & Growth Dividend is well covered by both earnings (39% earnings payout ratio) and cash flows (28% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to decline by 12% over the next 3 years. However, it would need to fall by 56% to increase the payout ratio to a potentially unsustainable range. Announcement • Jul 31
Asia File Corporation Bhd., Annual General Meeting, Sep 27, 2024 Asia File Corporation Bhd., Annual General Meeting, Sep 27, 2024, at 10:30 Singapore Standard Time. Location: olive 4 & 5, level 6, olive tree hotel, 76, jalan mahsuri, 11950 bayan lepas, penang, Malaysia Price Target Changed • Jun 05
Price target increased by 11% to RM2.33 Up from RM2.10, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of RM2.28. Stock is up 33% over the past year. The company is forecast to post earnings per share of RM0.24 for next year compared to RM0.27 last year. Reported Earnings • Jun 04
Full year 2024 earnings released: EPS: RM0.27 (vs RM0.16 in FY 2023) Full year 2024 results: EPS: RM0.27 (up from RM0.16 in FY 2023). Revenue: RM294.2m (down 7.3% from FY 2023). Net income: RM52.1m (up 65% from FY 2023). Profit margin: 18% (up from 10.0% in FY 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Commercial Services industry in Asia. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Upcoming Dividend • Apr 23
Upcoming dividend of RM0.035 per share Eligible shareholders must have bought the stock before 30 April 2024. Payment date: 23 May 2024. Payout ratio is a comfortable 44% and this is well supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of Malaysian dividend payers (4.6%). Higher than average of industry peers (1.6%). New Risk • Mar 11
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 3.2% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (RM432.1m market cap, or US$92.2m). Reported Earnings • Mar 01
Third quarter 2024 earnings released: EPS: RM0.071 (vs RM0.033 in 3Q 2023) Third quarter 2024 results: EPS: RM0.071 (up from RM0.033 in 3Q 2023). Revenue: RM67.5m (down 9.5% from 3Q 2023). Net income: RM13.8m (up 115% from 3Q 2023). Profit margin: 20% (up from 8.6% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Commercial Services industry in Malaysia. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jan 10
Upcoming dividend of RM0.035 per share at 1.7% yield Eligible shareholders must have bought the stock before 17 January 2024. Payment date: 07 February 2024. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of Malaysian dividend payers (4.9%). Lower than average of industry peers (2.2%). Price Target Changed • Dec 18
Price target increased by 9.6% to RM2.01 Up from RM1.83, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of RM2.03. Stock is up 15% over the past year. The company is forecast to post earnings per share of RM0.21 for next year compared to RM0.16 last year. Announcement • Dec 14
Asia File Corporation Bhd. Announces Single Tier First Interim Dividend for the Financial Year Ending 31 March 2024, Payable on February 7, 2024 ASIA FILE CORPORATION BHD. announces Single Tier First Interim Dividend of 3.5 Sen Per Ordinary Share for the Financial Year Ending 31 March 2024. Ex-Date 17 January 2024. Entitlement date 18 January 2024. Payment Date 07 February 2024. Announcement • Dec 01
Others Asia File Corporation Bhd. Declares Single-Tier First Interim Dividend in Respect of the Financial Year Ending 31 March 2024 The Board of Directors of Asia File declared a single-tier first interim dividend of 3.5 sen per ordinary share in respect of the financial year ending 31 March 2024. The entitlement and payment dates will be determined and announced at a later date. Price Target Changed • Oct 13
Price target decreased by 7.4% to RM1.50 Down from RM1.62, the current price target is provided by 1 analyst. New target price is 23% below last closing price of RM1.95. Stock is up 15% over the past year. The company is forecast to post earnings per share of RM0.16 for next year compared to RM0.16 last year. Announcement • Oct 01
Asia File Corporation Bhd. Approves a Final Single Tier Dividend for the Financial Year Ended 31 March 2023 Asia File Corporation Bhd. at its AGM to be held on September 29, 2023, approved a final single tier dividend of 3.5 sen per ordinary share for the financial year ended 31 March 2023. Upcoming Dividend • Sep 26
Upcoming dividend of RM0.035 per share at 1.9% yield Eligible shareholders must have bought the stock before 03 October 2023. Payment date: 26 October 2023. Payout ratio is a comfortable 17% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of Malaysian dividend payers (5.1%). In line with average of industry peers (2.1%). New Risk • Sep 05
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.4% per year for the foreseeable future. Minor Risk Market cap is less than US$100m (RM372.7m market cap, or US$80.1m). Reported Earnings • Aug 02
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: RM0.16 (down from RM0.22 in FY 2022). Revenue: RM317.6m (down 1.7% from FY 2022). Net income: RM31.6m (down 27% from FY 2022). Profit margin: 10.0% (down from 13% in FY 2022). The decrease in margin was primarily driven by higher expenses. Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) also missed analyst estimates by 4.1%. Revenue is forecast to grow 4.9% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Commercial Services industry in Malaysia. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 1% per year. Announcement • Jul 29
Asia File Corporation Bhd., Annual General Meeting, Sep 29, 2023 Asia File Corporation Bhd., Annual General Meeting, Sep 29, 2023, at 10:00 Singapore Standard Time. Location: Olive 4 & 5, Level 6, Olive Tree Hotel, 76, Jalan Mahsuri, 11950 Bayan Lepas, Penang Malaysia Agenda: To receive the Audited Financial Statements for the financial year ended 31 March 2023 and the Reports of Directors and Auditors thereon; To re-elect Madam Lam Voon Kean, the Director who retire pursuant to Clause 88 of the Company's Constitution and who, being eligible offer herself for re-election; To re-elect Mr. Lee Thean Yew, the Director who retire pursuant to Clause 95 of the Company's Constitution and who, being eligible offer himself for re-election; and to discuss other matters. Reported Earnings • May 30
Full year 2023 earnings released: EPS: RM0.16 (vs RM0.22 in FY 2022) Full year 2023 results: EPS: RM0.16 (down from RM0.22 in FY 2022). Revenue: RM317.6m (down 1.7% from FY 2022). Net income: RM31.6m (down 27% from FY 2022). Profit margin: 10.0% (down from 13% in FY 2022). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 5.0% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Commercial Services industry in Malaysia. Over the last 3 years on average, earnings per share has fallen by 2% per year and the company’s share price has also fallen by 2% per year. Price Target Changed • Mar 01
Price target decreased by 9.4% to RM1.73 Down from RM1.91, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of RM1.70. Stock is down 21% over the past year. The company is forecast to post earnings per share of RM0.17 for next year compared to RM0.22 last year. Reported Earnings • Mar 01
Third quarter 2023 earnings released: EPS: RM0.033 (vs RM0.04 in 3Q 2022) Third quarter 2023 results: EPS: RM0.033 (down from RM0.04 in 3Q 2022). Revenue: RM74.6m (down 4.9% from 3Q 2022). Net income: RM6.40m (down 18% from 3Q 2022). Profit margin: 8.6% (down from 9.9% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Commercial Services industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has fallen by 4% per year. Reported Earnings • Dec 03
Second quarter 2023 earnings released: EPS: RM0.04 (vs RM0.044 in 2Q 2022) Second quarter 2023 results: EPS: RM0.04 (down from RM0.044 in 2Q 2022). Revenue: RM77.0m (flat on 2Q 2022). Net income: RM7.77m (down 9.4% from 2Q 2022). Profit margin: 10% (down from 11% in 2Q 2022). Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Commercial Services industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Price Target Changed • Nov 16
Price target decreased to RM1.91 Down from RM2.37, the current price target is an average from 2 analysts. New target price is 9.8% above last closing price of RM1.74. Stock is down 25% over the past year. The company is forecast to post earnings per share of RM0.19 for next year compared to RM0.22 last year. Upcoming Dividend • Sep 27
Upcoming dividend of RM0.02 per share Eligible shareholders must have bought the stock before 04 October 2022. Payment date: 27 October 2022. Payout ratio is a comfortable 11% and the cash payout ratio is 94%. Trailing yield: 1.2%. Lower than top quartile of Malaysian dividend payers (5.2%). Lower than average of industry peers (2.3%). Price Target Changed • Aug 30
Price target decreased to RM1.96 Down from RM2.31, the current price target is provided by 1 analyst. New target price is 10% above last closing price of RM1.78. Stock is down 30% over the past year. The company posted earnings per share of RM0.22 last year. Reported Earnings • Aug 03
Full year 2022 earnings released: EPS: RM0.22 (vs RM0.24 in FY 2021) Full year 2022 results: EPS: RM0.22 (down from RM0.24 in FY 2021). Revenue: RM323.0m (up 25% from FY 2021). Net income: RM43.4m (down 6.9% from FY 2021). Profit margin: 13% (down from 18% in FY 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to stay flat compared to a 11% growth forecast for the industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Board Change • Jul 31
High number of new directors Independent Non Executive Director Hooi Chua was the last director to join the board, commencing their role in 2022. Announcement • Jul 30
Asia File Corporation Bhd., Annual General Meeting, Sep 29, 2022 Asia File Corporation Bhd., Annual General Meeting, Sep 29, 2022, at 10:00 Singapore Standard Time. Location: Olive 4 & 5, Level 6, Olive Tree Hotel, 76, Jalan Mahsuri, 11950 Bayan Lepas Penang Malaysia Agenda: To consider the Audited Financial Statements for the financial year ended 31 March 2022 and the Reports of Directors and Auditors thereon; to re-election of directors; to approve the payment of Directors' fee and benefits payable up to RMB 600,000 for the period commencing this AGM through to the next AGM of the Company in year 2023; to approve a final single tier dividend of 2.0 sen per ordinary share for the financial year ended 31 March 2022; to re-appoint BDO PLT as Auditors of the Company and to authorise the Directors to fix their remuneration; and to consider other matter. Announcement • Jul 29
Asia File Corporation Bhd. Announces Final Single Tier Dividend for the Financial Year Ended March 31, 2022, Payable on October 27, 2022 Asia File Corporation Bhd. announced final single tier dividend of 2.0 sen per ordinary share for the financial year ended March 31, 2022. Ex-Date is October 4, 2022, Entitlement date is October 5, 2022 and payment date is on October 27, 2022. Announcement • May 31
Asia File Corporation Bhd. Recommends Final Single Tier Dividend The Board of Directors of Asia File Corporation Bhd. have recommended a final single tier dividend of 2.0 sen per share subject to approval from the shareholders. The payment date for the recommended final dividend shall be determined by the Directors and to be announced at a later date. Reported Earnings • May 31
Full year 2022 earnings released: EPS: RM0.22 (vs RM0.24 in FY 2021) Full year 2022 results: EPS: RM0.22 (down from RM0.24 in FY 2021). Revenue: RM323.0m (up 25% from FY 2021). Net income: RM43.4m (down 6.9% from FY 2021). Profit margin: 13% (down from 18% in FY 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is expected to shrink by 19% compared to a 17% growth forecast for the industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Price Target Changed • Apr 27
Price target decreased to RM2.31 Down from RM2.68, the current price target is provided by 1 analyst. New target price is 16% above last closing price of RM2.00. Stock is down 15% over the past year. The company posted earnings per share of RM0.24 last year. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 4 highly experienced directors. Independent Non-Executive Director Irene Lam was the last director to join the board, commencing their role in 2012. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 02
Third quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2022 results: EPS: RM0.04 (down from RM0.089 in 3Q 2021). Revenue: RM78.4m (up 12% from 3Q 2021). Net income: RM7.76m (down 55% from 3Q 2021). Profit margin: 9.9% (down from 25% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 10%. Earnings per share (EPS) exceeded analyst estimates by 6.2%. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Dec 22
Asia File Corporation Bhd. (KLSE:ASIAFLE) completed the acquisition of Supportive Technology Sdn. Bhd. from ACME Holdings Berhad (KLSE:ACME). Asia File Corporation Bhd. (KLSE:ASIAFLE) entered into a Share Sale Agreement Supportive Technology Sdn. Bhd. from ACME Holdings Berhad (KLSE:ACME) for MYR 21.5 million on September 10, 2021. Under the terms, an amount of MYR 5 million being the deposit and part payment on the date of the agreement and the balance of MYR 16.5 million will be paid within 30 days when the transaction become unconditional. As part of the transaction, Asia File will acquire 1,666,665 ordinary shares in Supportive Technology representing 100% of the total number of issued shares. Post completion, Supportive Technology will become a wholly-owned subsidiary of Asia File. The Proposed Acquisition will be financed from the Company’s internally generated fund. ACME Holdings will use the proceeds to fund the working capital of property development projects which include, amongst others, payments to contractors, consultants, suppliers and authorities, within 18 months from the completion date.. Supportive Technology reported total assets as CNY 33.3 million, revenue and loss after tax as 0.1 million as net loss as 14.5 million for the period end on March 31, 2021. The transaction is subject to Asia File's board approval and ACME Holdings Berhad shall obtains its shareholders approval. The acquisition is subject to such other consents or approvals (if any) from any third party or relevant authorities and does not require the approval of Asia File shareholders and other government authorities. As of October 1, 2021, Bursa Securities approved the listing of and quotation for such number of new ACME Shares, representing up to 15% of the total number of issued ACME Shares (excluding any treasury shares), to be issued pursuant to the Proposed ESOS, subject to the following conditions: (i) ACME and TA Securities must fully comply with the relevant provisions under the Listing Requirements pertaining to the implementation of the Proposed ESOS; (ii) TA Securities is required to submit a confirmation to Bursa Securities of full compliance of the Proposed ESOS pursuant to Paragraph 6.43(1) of the Listing Requirements and stating the effective date of implementation together with a certified true copy of the resolution passed by the shareholders in a general meeting approving the Proposed ESOS; and (iii) ACME to furnish Bursa Securities on a quarterly basis a summary of the total number of shares listed pursuant to the exercise of options under the Proposed ESOS as at the end of each quarter together with a detailed computation of listing fees payable. The transaction is expected to be completed the latest by first quarter of Year 2022. The acquisition is expected to contribute positively to the earnings of Asia File in future years.
Asia File Corporation Bhd. (KLSE:ASIAFLE) completed the acquisition of Supportive Technology Sdn. Bhd. from ACME Holdings Berhad (KLSE:ACME) on December 21, 2021. Reported Earnings • Nov 28
Second quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2022 results: EPS: RM0.044 (down from RM0.065 in 2Q 2021). Revenue: RM76.7m (up 15% from 2Q 2021). Net income: RM8.58m (down 32% from 2Q 2021). Profit margin: 11% (down from 19% in 2Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 10%. Earnings per share (EPS) exceeded analyst estimates by 6.2%. Earnings per share (EPS) surpassed analyst estimates by 6.2%. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Upcoming Dividend • Sep 28
Upcoming dividend of RM0.015 per share Eligible shareholders must have bought the stock before 05 October 2021. Payment date: 28 October 2021. Trailing yield: 0.6%. Lower than top quartile of Malaysian dividend payers (4.2%). Lower than average of industry peers (1.4%). Announcement • Sep 11
Asia File Corporation Bhd. (KLSE:ASIAFLE) entered into a Share Sale Agreement Supportive Technology Sdn. Bhd. from ACME Holdings Berhad (KLSE:ACME) for MYR 21.5 million. Asia File Corporation Bhd. (KLSE:ASIAFLE) entered into a Share Sale Agreement Supportive Technology Sdn. Bhd. from ACME Holdings Berhad (KLSE:ACME) for MYR 21.5 million on August 10, 2021. Under the terms, an amount of MYR 5 million being the deposit and part payment on the date of the agreement and the balance of MYR 16.5 million will be paid within 30 days when the transaction become unconditional. As part of the transaction, Asia File will acquire 1,666,665 ordinary shares in Supportive Technology representing 100% of the total number of issued shares. Post completion, Supportive Technology will become a wholly-owned subsidiary of Asia File. The Proposed Acquisition will be financed from the Company’s internally generated fund. The transaction is subject to Asia File's board approval and ACME Holdings Berhad shall obtains its shareholders approval. The acquisition is subject to such other consents or approvals (if any) from any third party or relevant authorities and does not require the approval of Asia File shareholders and other government authorities. The transaction is expected to be completed the latest by first quarter of Year 2022. The acquisition is expected to contribute positively to the earnings of Asia File in future years. Reported Earnings • Aug 29
First quarter 2022 earnings released: EPS RM0.086 (vs RM0.003 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: RM81.0m (up 81% from 1Q 2021). Net income: RM16.8m (up RM16.2m from 1Q 2021). Profit margin: 21% (up from 1.5% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 6% per year. Reported Earnings • May 29
Full year 2021 earnings released: EPS RM0.24 (vs RM0.19 in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: RM258.1m (down 12% from FY 2020). Net income: RM46.6m (up 27% from FY 2020). Profit margin: 18% (up from 13% in FY 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 11
Third quarter 2021 earnings released: EPS RM0.089 (vs RM0.059 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: RM69.7m (down 2.9% from 3Q 2020). Net income: RM17.4m (up 53% from 3Q 2020). Profit margin: 25% (up from 16% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 25
New 90-day high: RM2.50 The company is up 32% from its price of RM1.90 on 27 November 2020. The Malaysian market is up 1.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Commercial Services industry, which is up 54% over the same period. Is New 90 Day High Low • Feb 08
New 90-day high: RM2.36 The company is up 30% from its price of RM1.82 on 10 November 2020. The Malaysian market is up 5.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Commercial Services industry, which is up 55% over the same period. Is New 90 Day High Low • Jan 14
New 90-day high: RM2.23 The company is up 20% from its price of RM1.86 on 16 October 2020. The Malaysian market is up 7.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Commercial Services industry, which is up 52% over the same period. 
